Intangible Assets, net

3 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

A reconciliation of the activity affecting intangible assets, net is as follows:


(In thousands)	Indefinite- Lived Trademarks		Finite-Lived Trademarks and Customer Relationships		Totals
Gross Carrying Amounts
Balance — March 31, 2020	$	2,265,331	$	389,801	$	2,655,132



Effects of foreign currency exchange rates	8,360		329		8,689
Balance — June 30, 2020	2,273,691		390,130		2,663,821

Accumulated Amortization
Balance — March 31, 2020	—		175,741		175,741

Additions	—		4,905		4,905

Effects of foreign currency exchange rates	—		124		124
Balance — June 30, 2020	—		180,770		180,770

Intangible assets, net - June 30, 2020	$	2,273,691	$	209,360	$	2,483,051

Amortization expense was $4.9 million for the three months ended June 30, 2020, and $4.9 million for the three months ended June 30, 2019.

Finite-lived intangible assets are expected to be amortized over their estimated useful life, which ranges from a period of 10 to 30 years, and the estimated amortization expense for each of the five succeeding years and the periods thereafter is as follows (in thousands):


(In thousands)
Year Ending March 31,	Amount
2021 (remaining nine months ended March 31, 2021)	14,725
2022	19,633
2023	19,633
2024	19,604
2025	17,560
Thereafter	118,205
	$	209,360

Under accounting guidelines, indefinite-lived assets are not amortized, but must be tested for impairment annually, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the asset below the carrying amount. On February 29, 2020, the date of our annual impairment review, there were no indicators of impairment as a result of the analysis and, accordingly, no impairment charge was taken on our March 31, 2020 financial statements. Additionally, at each reporting period, an evaluation must be made to determine whether events and circumstances continue to support an indefinite useful life. Intangible assets with finite lives are amortized over their respective estimated useful lives and are also tested for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable and exceeds its fair value.

We utilize the excess earnings method to estimate the fair value of our individual indefinite-lived intangible assets. The discount rate utilized in the analyses, as well as future cash flows, may be influenced by such factors as changes in interest rates and rates of inflation. Additionally, should the related fair values of intangible assets be adversely affected as a result of declining sales or margins caused by competition, changing consumer preferences, technological advances or reductions in advertising and marketing expenses, we may be required to record impairment charges in the future.

As of June 30, 2020, no events have occurred that would indicate potential impairment of intangible assets.